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DuPont Performance Coatings this morning withdrew its proposed repricing of its $2.3 billion B term loan, according to sources. The transaction was one of a handful of opportunistic deals to face investor pushback in recent days.

As reported, the issuer had proposed cutting pricing to L+300, with a 1% LIBOR floor, from L+350, with a 1.25% floor. Lenders would have been repaid at 101 per the soft-call premium covering the existing loan, which was issued on Jan. 17 at 99.

The $2.3 billion loan was syndicated last month to help support the Carlyle Group’s $4.9 billion acquisition of the business from DuPont, which closed Feb. 1. Barclays launched the repricing to market just three days later, on Feb. 4. Of note, during that time span, the average new-issue yield to maturity fell precipitously: The average single-B new-issue yield to maturity stood at 4.86% on Feb. 7, in from 5.79% on Jan. 17, according to LCD.

The issuer did not seek to reprice its revolver or its euro-denominated term loan, sources note. In addition to the TLB, the debt financing for the LBO included the following:

€400 million seven-year TLB, paying E+400, with a 1.25% LIBOR floor

$400 million five-year RCF, paying L+350

$750 million of 7.375% unsecured notes due 2021

€250 million of 5.75% secured notes due 2021

The transaction levered the company at 4.5x through the secured debt on a net basis and 5.6x on a total basis, sources said.

DPC is a global manufacturer, marketer, and distributor of advanced coating systems primarily for the transportation industry. The company comprises four segments: refinish, OEM, industrial liquid, and powder. – Kerry Kantin